Logistics of Hedging INR investment with USD INR future

I am a beginner so please forgive any gaps in my understanding of Forex Futures. Based on RBI’s decision earlier this year to let NRI’s invest in rupee futures I want to propose a Currency Futures Trade I want to make to protect my Rupee Term Deposits in India. The gist is that if there is a rupee appreciation I can use it to hedge against future depreciations of the rupee.

Now here is an example of how I think this would work(See Follow Questions after the example):

1. For the sake of a hypothetical argument, let’s say I have deposited 6,000,000 Rs into a Fixed Term Deposit(FD) in india at 7.5% interest rate on Dec 1st 2017. This FD matures on Dec 1st 2018. Let’s assume that the exchange rate when this was done was 60 Rs to 1 USD(i.e. 10$). I want to hedge the return of my FD against currency movement.

2. Assume that in July 2018 the rupee futures are trading at 59 Rs to a dollar. I buy a 6 month contract for Dec 2018 USD/INR Future(i.e. to buy $ and sell Rs). I buy 60 contracts- assume minimum units of 100,000 Rs each.

3. Dec 2018 arrived and the FD has matured and the spot exchange rate is 65 Rupees to a $. I cash settle the futures contract and make a profit of 1,694$ (6,000,000(1/59 – 1/60)). I intend to pay 6,000,000 from the proceeds of my FD.

I am assuming that I take the future to expiration and cash settle it.

Q. Have I understood this correctly and Is this kind of a trade doable with current norms for NRI’s?

and if so

Q. How would I do this? Could you recommend exchanges/banks etc that do this?